Cobalt phthalocyanine multiwalled carbon nanotubes (CoPc-MWCNTs), a nanocomposite, are extraordinary electrochemical sensing materials. This material has attracted growing interest owing to its unique physicochemical properties. Notably, the metal at the center of the metal phthalocyanine structure offers an enhanced redox-active behavior used to design solid electrodes for determining varieties of analytes. This review extensively discusses current developments in CoPc-MWCNTs nanocomposites as potential materials for electrochemical sensors, along with their different fabrication methods, modifying electrodes, and the detected analytes. The advantages of CoPc-MWCNTs nanocomposite as sensing material and its future perspectives are carefully reviewed and discussed.